Thursday, 21 July 2011

The onslaught of headlines in this morning's media (July 21st) exclaiming that we have reached the day of reckoning for the Euro project etc. etc. suggests a rather apt metaphor which sums up the bind that EZ leaders find themselves in.

According to reports on talks that took place for most of the preceding day Angela Merkel and Nicholas Sarkozy would appear to be completely and frustratingly lost in an Escher like maze, where even trying to get back to the entry point (rediscovering EMU structural flaws at its inception) is not only historically impossible but also topographically impossible

This only goes to highlight the hubris and financial engineering mistakes made by those who conceived the idea of a single currency club and were then very lax about handing out membership cards.

To extend the metaphor even further it is as if they are literally imprisoned in a construct similar to those M C Escher drawings where, quite simply you cannot get there from here.